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Mortgage rates moved lower this week, leaving them at new lows for the month. Over the past 2 weeks, rates have been recovering from a fairly abrupt move higher from late June through July 7th. That move was driven by concerns over the European Central Bank's (ECB's) bond buying plans, but those concerns were officially put to rest this week.

In simpler terms, extra demand for bonds pushes bond prices higher and rates lower. The ECB buys LOTSof bonds. This puts downward pressure on rates around the world (more so in Europe than in the US, but we still get some indirect benefit). There was some concern at the end of June that the ECB was getting closer to announcing it would buy fewer bonds (thus the rate spike heading into July). While that day will likely come eventually, this week's announcement assures markets that it hasn't been discussed yet.

Next week brings a new policy announcement from the Fed. They're not expected to make any changes to rates or their balance sheet just yet, but markets will be on the lookout for clues about their approach in coming meetings.

-Matt Graham, Mortgage News Daily

30 Year Fixed Rate Mortgage

Week in Review

Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average:

4.06%

Ending Average:

4.00%

Weekly Change:

-0.06%

Yearly Change:

+0.63%

Friday, July 14, 2017 : 4.06% (-0.02%)

Mortgage rates are experiencing increased volatility at the end of this week, which was to-be-expected given the calendar of events and economic data. Fortunately, the volatility worked in favor of lower rates this morning after Retail Sales and a key consumer inflation report both came in lower than expected. In general, weaker economic data coincides with rates moving lower. Investors are particularly interested in inflation data at the moment as it seems to be the Fed's biggest hang-up when it comes to removing "accommodation" (a broad term that refers to the level of the Fed Funds Rate and the Fed's bond buying policies).

Mortgage rates are largely dictated by movements in bond markets--specifically mortgage-backed securities (MBS). When bonds improve, prices rise and investors are willing to pay more to buy loans. This results in rates moving lower. In other words, bond market improvement = lower rates. With all of that in mind, today is a bit of a paradox as the average lender is quoting slightly higher rates today, despite general improvements in bond markets. Nothing too terribly mysterious is at work here though. The inconsistency has more to do with the timing of Friday's market movements and the generally narrow range over the past four days. Specifically, bonds weakened progressively into Friday afternoon and most lenders never...

Mortgage rates fell today, but continue to lagging behind the movements seen in underlying bond markets. Part of that has to do with the timing of bond market swings over the past few days, but lenders also simply want to see markets pick a theme and stick with it. Simply put: trading levels in bonds ultimately dictate rates, and today's trading levels suggest the lowest rates of the month. Given that today's rates are still generally in line with last Friday's, it would be fair to conclude that we'll see more improvement on lender rate sheets, even if bond markets merely hold flat tomorrow.

Mortgage rates held relatively steady today, keeping them in line with the lowest levels in more than 3 weeks. There was relatively little market movement in response to the policy announcement from the European Central Bank (ECB). That's a good thing considering much of the recent gains in rates can be attributed to traders growing more optimistic about the ECB's stance.

Mortgage rates moved lower today, setting yet another new low for the month of July. For the past 2 weeks, rates have been pushing back against a fairly abrupt spike that took place heading into the month. Concerns over the European Central Bank's (ECB's) bond buying plans sparked the move higher, but those concerns were officially put to rest as of yesterday.

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.